| Defiance Daily Target 2X Long MP ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2026 (Unaudited) | ||||||||
| SHORT-TERM INVESTMENTS - 31.8% | ||||||||
| Money Market Funds - 2.1% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(a) | 50,146 | $ | 50,146 | |||||
| U.S. Treasury Bills - 29.7% | Principal Amount | Value | ||||||
| U.S. Treasury Bill, 8/27/2026, 3.25%(b) | 700,000 | 698,320 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $748,298) | 748,466 | |||||||
| TOTAL INVESTMENTS - 31.8% (Cost $748,298) | $ | 748,466 | ||||||
| Other Assets in Excess of Liabilities - 68.2% | 1,606,560 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 2,355,026 | ||||||
| Percentages are stated as a percent of net assets. | ||||||||
| (a) | The rate shown represents the 7-day annualized effective yield as of July 31, 2026. |
| (b) | The rate shown is the annualized effective yield as of July 31, 2026. |
| Defiance Daily Target 2X Long MP ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| July 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - (23.0)% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| MP Materials Corp. | Cantor Fitzgerald & Co. | Receive | OBFR + 8.00% | Termination(d) | 11/01/2028 | $ | 776,639 | $ | (102,756 | ) | ||||||||
| MP Materials Corp. | Clear Street LLC | Receive | OBFR + 2.50% | Termination(a) | 11/23/2027 | 842,045 | (147,685 | ) | ||||||||||
| MP Materials Corp. | Jane Street Execution Services, LLC | Receive | OBFR + 7.00% | Termination(a) | 03/18/2033 | 765,345 | (197,673 | ) | ||||||||||
| MP Materials Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 3.50% | Termination(e) | 10/25/2028 | 868,770 | 65,102 | |||||||||||
| MP Materials Corp. | National Bank of Canada Financial, Inc. | Receive | OBFR + 10.00% | Termination(c) | 01/31/2033 | 599,865 | 29,573 | |||||||||||
| MP Materials Corp. | Nomura Securities International, Inc. | Receive | OBFR + 10.00% | Termination(b) | 03/31/2033 | 848,085 | (189,215 | ) | ||||||||||
| (542,654 | ) | |||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | (542,654 | ) | ||||||||||||||||
OBFR - Overnight Bank Funding Rate was 3.63% as of July 31, 2026.
| (a) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination. Both may periodically reset throughout the term on an ad-hoc basis. |
| (b) | Financing reset of the swap is effective on termination. Equity reset of the swap is effective on termination, but also may periodically reset throughout the term on an ad-hoc basis. |
| (c) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination, but also may periodically reset throughout the term based on predetermined mark-to-market thresholds. |
| (d) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination, but may periodically reset throughout the term on an ad-hoc basis. |
| (e) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination, but also may periodically reset throughout the term based on predetermined notional thresholds. |